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Business is booming in Galway, but there is still much to be done in terms of regional balance

In recent years, the Galway region has developed rapidly to become a dynamic and progressive place for business, tourism, leisure and living. From numerous innovation hubs to growing numbers of tourists attracted by the culture, people and beautiful scenery, Galway is gaining a global reputation as a great place to live and do business. However, challenges remain.

“Several sectors are well represented in the West, including medtech, tourism and hospitality, life sciences, education and technology,” said Deirdre MacLoughlin, Acting CEO of Galway Chamber. “The technology sector is well supported in Galway by a number of innovation hubs such as Platform94 and the Galway City Innovation District. These hubs are key to fostering innovation and growth within the sector, supporting businesses looking to expand internationally whilst also providing a soft landing site for established multinationals looking for a base in Ireland.

Liam Conneally, Chief Executive of Galway County Council, added: “Galway is a vibrant hub for the creative and cultural industries. The county is experiencing growth in film production studios, animation, gaming and immersive technologies. This booming sector reinforces Galway’s reputation as a center of innovation and creativity, contributing significantly to the local economy and cultural landscape.

“With many natural areas of great beauty and an extensive coastline, tourism also plays a crucial role in Co Galway’s economy. The Wild Atlantic Way initiative contributes to the economic development of the coastal corridor, including areas like Connemara, showcasing the natural beauty of the county.

Cáit Noone, President of Galway Chamber, added: “Tourism and hospitality cannot be mentioned without recognizing the exciting and innovative food sector that characterizes Galway and the West of Ireland. Galway has long been known as a foodie destination thanks to events such as Food on the Edge International, an annual two-day symposium taking place this week at ATU Galway. Similar to innovation hubs for different technology sectors, the BIA Innovator Campus is Ireland’s leading food incubation and innovation campus supporting ambitious food businesses through state-of-the-art food production facilities coupled with technology supports and business needed to promote innovation and scale. .”

Despite challenges such as infrastructure and skills shortages, business is currently good in the region, according to Leonard Cleary, chief executive of Galway City Council. “The business environment in Galway is currently quite good. From a CSO perspective, there seems to be a lot of start-ups, a lot of new companies have been created. Looking at the current register, it is at its lowest level in years, we are at full employment and the biggest challenge for some businesses is the skills shortage. Macroeconomic indicators are positive, as in the rest of the country, but there are challenges that we cannot escape.”

With many areas of natural beauty and an extensive coastline, tourism also plays a crucial role in Co Galway’s economy.

Great talent is a major attraction for companies setting up and starting up in the region, despite shortages. “The availability of talent is a key factor for all industrial sectors,” said Deirdre MacLoughlin. “In the case of the West of Ireland, the caliber and availability of STEM graduates is a definite attraction. This availability of talent, key for certain sectors, for example MedTech, is supported by the openness of the two universities to industrial collaborations as well as by the R&D ecosystem and philosophy generated by the different innovation centers. This has resulted in the creation of a leading cluster of MedTech companies in Galway, where we are home to three of the world’s top 15 medical device companies.

The need for greater regional balance remains and constitutes a challenge for the region. “The NWRA (North West Regional Assembly) has highlighted in the Regional Spatial and Economic Strategy 2020-2032 (RSES) the need for balanced regional development,” MacLoughlin said. “Galway Chamber’s concerns about the current movement of people and jobs to Dublin and the east coast and the continuing disparity between places to live and work, with increasing travel times, were openly shared with the national government and local authorities. The Chamber encourages and takes every opportunity to collaborate and engage on strategic opportunities with Galway City and Galway County Councils to keep these issues at the top of the agenda until they are resolved .

Representing the interests of around 500 businesses employing 30,000 people in the region, the Galway Chamber of Commerce is well placed to be the leading voice for Galway’s business community. “As Galway is the only city in the Western Region, it is imperative that the Chamber remains focused on Galway in order to drive prosperity in the city, the county and all four corners of the West and beyond. This requires continued lobbying at local and central government level, pre-budget submissions in conjunction with Chambers Ireland, ensuring all election candidates are informed of the contents of our election manifesto, submissions to the national planning framework, Uisce Éireann, etc. and through events like ‘West Meets East’, an annual event held in Dublin to promote various business offerings in the region,” said Cáit Noone, President of the Galway Chamber.

Deirdre MacLoughlin concluded: “The more economic success Galway becomes, the more significant it can play in solving the regional imbalance. »